Jubilee Insurance in17.3pc profit jump

• Insurer recorded Sh666.1 million in profits for the six months compared to Sh568 million it had in a similar period last year.

Jubilee Insurance has reported a 17.3 per cent increase in profits after tax for the financial period ended June 2012.

The insurer recorded Sh666.1 million in profits for the six months compared to Sh568 million it had in a similar period last year.

During the six months, its gross revenue rose by 33 per cent from Sh8 billion to Sh10.6 billion while asset base has grown to Sh43 billion from Sh38 billion which has been attributed to expansion of its agricultural and medical cover products in the region.

“The company remains the largest composite insurer, the largest general insurer and medical insurer in Kenya, Uganda and Tanzania, and in East Africa. We are also pleased to be the leader in Pensions in Kenya and East Africa,” Jubilee Holdings Chairman Nizar Juma.

Investments in Tsavo and Bujagali power project in Uganda, and SEACOM have seen Jubilee’s income record a 47 per cent growth to Sh1.442 billion.

Jubilee’s long term business observed a growth of 21 percent to Kshs2.499 billion attributed to increase of its products uptake, and the revenues from short term business grew to Sh­­8.059 billion, which is a 37 percent growth from Sh5.896 billion.

Earnings per share rose to Sh11.1 from Sh9.5 in the previous year which was attributed to bonus share that was issued in May 2012.